Financial operators urged 'to continue acting responsibly'

Finance Minister Tonio Fenech has urged financial services practioners to continue acting responsibly in order to improve trust among market operators.

Speaking at a conference organised by the Malta Association of Credit Management and the Chamber of Advocates, the minister expressed his satisfaction that Malta’s financial services laws were being respected and implemented.

He said the current international crisis had brought to the fore a degree of lack of discipline in the financial services sector and, as a result, policy makers from around the globe were already clamouring for tighter financial regulations

Mr Fenech highlighted the problems faced by many local companies, particularly SMEs, due to late payments. He stressed the importance for the local business community to appreciate how to assess credit risk and assign an interest rate according to the level of the risk in case of late payment. In view of this, membership of credit management agencies provided significant benefits to local companies.